Aadhaar can curb black money in real estate

Finance Minister Arun Jaitley, in an interview, said that to curb the use of black money in property deals, the Government is considering linking real estate transactions with Aadhaar. It can solve the problem of property buyers using fake and multiple PANs to avoid detection by the income tax department.

Economic affairs commentator Gautam Mukherjee says this is an additional input by the Government to have each and every real estate transaction on identification grid. He welcomes the move adding that Government should widen the tax base and impose expenditure tax instead of income tax. If Aadhaar can bring transparency, certain policy changes should also be done by the Government to avoid black money transactions.

HYDERABAD: With an eye on the upcoming Greater Hyderabad Municipal Corporation (GHMC) elections, the standing committee of the civic body has decided to waive property tax up to Rs 4,000 per annum for residential properties

New Delhi: The government’s crackdown on black money parked abroad has received a boost with tax authorities unearthing fresh evidence exposing real estate assets and large amounts of cash routed illegally